Lehman acquires Moonlight Basin

Introduces new management group

By Taylor Anderson,ExploreBigSky.com Assistant Editor

Officials at Moonlight Basin Resort announced today that after months of wading through a three-way Chapter 11 bankruptcy, a subsidiary of Lehman Brothers Holdings has obtained full ownership of the resort.

The news has been more than a year in the making, and marks the completion of an ownership battle that now officially transfers ownership from Moonlight Basin and former owner Lee Poole, to the Lehman Brothers affiliate.

Lehman Brothers has effectively owned the ski and golf resort since Oct. 26, when the resort announced it had reached a settement in court. There were more proceedings, however, and the groups needed to settle with a list of hundreds of creditors.

All secured creditors and 90 percent unsecured, convenient (less than $10,000 owed) will receive payment in full from Lehman. The other 10 percent due more than $10,000 will receive a portion, according to Moonlight’s chief operating officer Russ McElyea.

The groups, formed together under Moonlight Basin Management, will work together starting Jan. 23, on long term, strategic plans and budgets to get the company moving forward under the new ownership.

“From here on out they go through winding up processes like we’re doing,” he said. “Getting people paid, assets transferred, administrative things. When that’s complete then you go to the court and say we did everything we needed to get done under the (bankruptcy) plan.”